MIRA INFORM REPORT
|
Report Date : |
23.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALFA LAVAL INDIA LIMITED |
|
|
|
|
Registered
Office : |
Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
15.12.1937 |
|
|
|
|
Com. Reg. No.: |
11-002732 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.181.605 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29299PN1937PLC002732 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA00381D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA5899A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Manufacturer and Seller of Industrial Equipment and Process Solutions. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a part of Alfa Laval Group. It is a well established and
reputed company having an excellent track record. Financial position is good.
Fundamentals are strong and healthy. Trade relations are decent. Payments are
regular and as per commitments. The company can be considered good for any business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
High degree of safety to carry very low credit risk. |
|
Date |
05.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ |
|
Rating Explanation |
Very strong degree of safety. It carry lowest credit risk. |
|
Date |
05.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Bala Krishnan |
|
Designation : |
Assistant Company Secretary |
|
Contact No.: |
91-20-67341100 / 210 |
|
Date : |
31.08.2013 |
LOCATIONS
|
Registered Office : |
Mumbai-Pune Road, Dapodi, Pune – 411012, Maharashtra, India |
|
Tel. No.: |
91-20-27107100 / 66119100 / 27147721 / 7728 / 776321 / 797711 |
|
Fax No.: |
91-20-27147711 / 779479 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
Gat No.30 to 33 and 74 to 82, Sarole Veer Road, Sarole – 412205, Taluka Bhor, District Pune, Maharashtra, India |
|
Tel. No.: |
91-2113-282367 |
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Fax No.: |
91-2113-282301 |
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E-Mail : |
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Factory 2 : |
E-7/ E-8, M.I.D.C. Estate, Satara - 415004, |
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Tel. No.: |
91-2162-244503 |
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Fax No.: |
91-2162-244268 |
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|
|
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Head Office / Corporate / Sales Office 1: |
Office No. 301, Global Port Building Survey No. 45/1-10, Mumbai
Bangalore Highway Baner, Pune - 411045, Maharashtra, India |
|
Tel. No.: |
91-20-67341100 |
|
Fax No.: |
91-20-67341115 |
|
|
|
|
Sales Office 2 : |
901-A, BSEL Tech Park, Sector 30 A, Vashi, Opp. Vashi Ply.
Station, |
|
Tel. No.: |
223-9116200 |
|
Fax No.: |
223-9116225 |
|
|
|
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Sales Office 3 : |
Plot No. A-18, Road No. 4, Vikrampuri, Secunderabad – 500009, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27846287 |
|
Fax No.: |
91-40-27843778 |
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E-Mail : |
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Parts and Service
Centre : |
Plot No. R-674,
MIDC Rebale, TTC Industrial Area, Post Ghansoli, Navi Mumbai - 400701,
Maharashtra, India |
|
Tel. No.: |
91-22-27691832 |
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Fax No.: |
91-22-27607834 |
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|
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Other Sales Office : |
Located At: · Chennai · Kolkata · Indore · Vadodara · Chandigarh · Kanpur · Kochi · Jamshedpur · Nagpur · Raipur · Visakhapatnam · Pune |
DIRECTORS
As on 30.04.2013
|
Name : |
Jose Antonio Hernanz Arroyo |
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|
Designation : |
Managing Director |
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Address : |
13-3, Avenida De Torrelodones, Torrelodones – Colonia, Madrid - 28250, Spain |
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Date of Birth/Age : |
16.04.1952 |
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Qualification : |
Master of Science and Master in Business Administration |
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Date of Appointment : |
01.01.2013 |
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PAN No.: |
AEUPH8555B |
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DIN No.: |
02848196 |
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Other Directorship :
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|||||||||||||||||||||||||||
|
Name : |
Henrik Hakan Mattias Holm |
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Designation : |
Director |
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|
Address : |
Flat No. C-1/F-68, MacDonnell Road, Mid Levels, Hong Kong |
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Date of Birth/Age : |
04.03.1970 |
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Qualification : |
Bachelor of Science and MS in Business and Economics |
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|
Date of Appointment : |
21.06.2012 |
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DIN No.: |
05336337 |
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|
Name : |
Mr. Raymond John Field |
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Designation : |
Director |
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Address : |
41 D, Pat Heung, Ha Che Tsuen, Yuen Long, Hong Kong, China |
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|
Date of Birth/Age : |
11.05.1954 |
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Date of Appointment : |
26.06.2012 |
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DIN No.: |
00867545 |
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Other Directorship :
|
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|
|||||||||||||||||||||||||||
|
Name : |
Mr. Manoj Diwakar Barve |
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Designation : |
Director |
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|
Address : |
Flat No. 11, Kumar Padmlya, S.No. 160/1, Building No. A-5, DP Road, Aundh, Pune - 411007, Maharashtra, India |
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Date of Birth/Age : |
12.12.1964 |
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Qualification : |
CA, CWA & CPA |
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Date of Appointment : |
21.06.2012 |
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PAN No.: |
AOBPB0872N |
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DIN No.: |
03097616 |
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Other Directorship :
|
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|
|||||||||||||||||||||||||||
|
Name : |
Kanulal Gorane Bhatu |
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Designation : |
Director |
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|
Address : |
B-402, Surobhi Park, S. No. 161/162, DP Road, Aundh, Pune - 411007, Maharashtra, India |
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Date of Birth/Age : |
13.09.1968 |
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Qualification : |
B. E. (Mechanical) |
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Date of Appointment : |
21.06.2012 |
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|
PAN No.: |
ABFPG8341J |
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DIN No.: |
03516243 |
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Other Directorship :
|
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KEY EXECUTIVES
|
Name : |
Mr. Viswanathan Chandrasekhar |
|
Designation : |
Company Secretary |
|
Address : |
P-402, Laburnum Park, Magarpatta City, Hadapsar, Pune – 411013,
Maharashtra, India |
|
Date of Birth/Age : |
20.01.1958 |
|
Date of Appointment : |
20.08.1993 |
|
PAN No.: |
AANPC6399P |
|
|
|
|
Name : |
Mr. Bala Krishnan |
|
Designation : |
Assistant Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.04.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 30.04.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Nationalised or other banks |
0.03 |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.00 |
|
Bodies corporate |
0.18 |
|
Other top fifty shareholders |
0.45 |
|
Others |
1.34 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Industrial Equipment and Process Solutions. |
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|
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
· Bank of India · Standard Chartered Bank, Pune, Maharashtra, India · Bank of Maharashtra · Industrial Development Bank of India Limited · The Hong Kong and Shanghai Banking Corporation Limited |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
C-401, Fourth Floor, Panchshil Tech Park, Yerwada, Pune - 411006,
Maharashtra, India |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
Alfa Laval Corporate A B , Sweden |
|
|
|
|
Ultimate Holding
Company : |
Alfa Laval A B , Sweden |
|
|
|
|
Fellow Subsidiaries
: |
Argentina Alfa Laval S.A. Australia Alfa Laval Australia Pty Limited Austria Alfa Laval (Austria) Mid Europe Gmbh Brazil Alfa Laval Sofia Limited Canada Alfa Laval Inc Chile Alfa Laval S.A.C.I China · Alfa Laval (China) Limited · Alfa Laval Flow Equipment (Kunshan) Company Limited · Alfa Laval (Jiangyin) Manufacturing Company Limited · Alfa Laval (Shanghai) Technologies Company · Alfa Laval (Kunshan) Manufacturing Company Limited · Wuxi MCD Gasket C. Limited Denmark · Alfa Laval Copenhagen A/S · Alfa Laval Tank Equipments A/S · Alfa Laval Kolding A /S · Alfa Laval Nakskov A /S · Alfa Laval Nordic A/S · Scandi Brew Finland · Alfa Laval Nordic OY · Alfa Laval Vantaa OY France · Alfa Laval Vicarb SAS · Alfa Laval SAS · Alfa Laval France SAS · Alfa Laval Spiral SAS · Alfa Laval Moatti SAS · Alfa Laval Moatti SNC · Alfa Laval Packinox SA · Alfa Laval HES SA · MCD SAS Germany · Alfa Laval (Germany) Mid Europe GmbH · Alfa Laval Dortmund GmbH Hungary Alfa Laval Kft India · Alfa Laval Support Services Private Limited CIN No.: U72900MH2005PTC151274 · Tranter India Private Limited CIN No.: U29299PN2005PTC021523 Indonesia PT Alfa Laval Italy · Alfa Laval SpA · Astepo SRL · Alfa Laval Parma S..r.l. · Alfa Laval Artec SPA Japan · Alfa Laval K K · South Korea · Alfa Laval Korea Limited Mexico Alfa Laval S.A. de C V Malaysia Alfa Laval (Malaysia) Sdn Bhd Netherlands · Alfa Laval Groningen B . V . · Alfa Laval Benelux N V – SA · Alfa Laval Benelux B.V. New Zealand Alfa Laval New Zealand Pty Limited Norway Alfa Laval Nordic A/S Philipines Alfa Laval Philippines Inc Portugal Alfa Laval Portugal Ltda. Qatar Alfa Laval Service Operations Qatar, LLC . Romania Alfa Laval S.R.L. Singapore Alfa Laval. Singapore Pte Limited Spain Alfa Laval Iberia SA South Africa Alfa Laval (Pty) Limited Sweden · Alfa Laval Tumba AB · Alfa Laval Treasury International AB · Alfa Laval Holding AB · Alfa Laval Lund AB · Alfa Laval Nordic AB · Alfa Laval Quality Moving AB Taiwan Alfa Laval Taiwan Limited Thailand Alfa Laval (Thailand) Limited Turkey Alfa Laval Makine Sanayii Ticaret Limited UAE Alfa Laval Middle East Limited United
Kingdom · Alfa Laval Limited · Alfa Laval Pumps Limited · Alfa Laval Eastbourne Limited USA Alfa Laval INC Alfa Laval Distribution Inc |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18160567 |
Equity Shares |
Rs.10/- each |
Rs. 181.606
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18160483 |
Equity Shares |
Rs.10/- each |
Rs. 181.605
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
181.605 |
181.605 |
|
(b) Reserves & Surplus |
|
5864.934 |
4715.015 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
6046.539 |
4896.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
73.273 |
78.208 |
|
(d) long-term
provisions |
|
41.760 |
77.016 |
|
Total Non-current
Liabilities (3) |
|
115.033 |
155.224 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
1823.839 |
1916.117 |
|
(c) Other
current liabilities |
|
1264.368 |
1641.497 |
|
(d) Short-term
provisions |
|
481.000 |
938.586 |
|
Total Current
Liabilities (4) |
|
3569.207 |
4496.200 |
|
|
|
|
|
|
TOTAL |
|
9730.779 |
9548.044 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1884.338 |
1150.512 |
|
(ii)
Intangible Assets |
|
1.427 |
1.795 |
|
(iii)
Capital work-in-progress |
|
93.197 |
186.610 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
100.138 |
80.138 |
|
(c) Deferred tax assets (net) |
|
202.930 |
141.926 |
|
(d) Long-term Loan and Advances |
|
749.321 |
839.844 |
|
(e) Other
Non-current assets |
|
366.356 |
452.898 |
|
Total Non-Current
Assets |
|
3397.707 |
2853.723 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
876.650 |
468.641 |
|
(b)
Inventories |
|
2342.382 |
2377.058 |
|
(c) Trade
receivables |
|
1962.994 |
2222.761 |
|
(d) Cash
and cash equivalents |
|
507.799 |
1075.164 |
|
(e)
Short-term loans and advances |
|
410.656 |
389.290 |
|
(f) Other
current assets |
|
232.591 |
161.407 |
|
Total
Current Assets |
|
6333.072 |
6694.321 |
|
|
|
|
|
|
TOTAL |
|
9730.779 |
9548.044 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
181.600 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4040.740 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4222.340 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4222.340 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
964.950 |
|
|
Capital work-in-progress |
|
|
116.490 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1305.510 |
|
|
DEFERREX TAX ASSETS |
|
|
82.360 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1994.610
|
|
|
Sundry Debtors |
|
|
1980.990
|
|
|
Cash & Bank Balances |
|
|
522.710
|
|
|
Other Current Assets |
|
|
240.180
|
|
|
Loans & Advances |
|
|
918.100
|
|
Total
Current Assets |
|
|
5656.590 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1529.830
|
|
|
Other Current Liabilities |
|
|
1405.740
|
|
|
Provisions |
|
|
967.990
|
|
Total
Current Liabilities |
|
|
3903.560 |
|
|
Net Current Assets |
|
|
1753.030
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4222.340 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10511.801 |
11541.746 |
8360.340 |
|
|
|
Other Income |
289.183 |
409.000 |
231.990 |
|
|
|
TOTAL (A) |
10800.984 |
11950.746 |
8592.330 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5515.819 |
6487.242 |
|
|
|
|
Purchases of stock-in-trade |
440.476 |
295.276 |
|
|
|
|
Employee benefit expense |
989.908 |
950.887 |
|
|
|
|
Other expenses |
2210.529 |
2389.092 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(252.855) |
(241.881) |
|
|
|
|
TOTAL (B) |
8903.877 |
9880.616 |
6801.840 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1897.107 |
2070.130 |
1790.490 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
26.934 |
26.688 |
5.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1870.173 |
2043.442 |
1785.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
182.884 |
139.339 |
127.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1687.289 |
1904.103 |
1658.090 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
537.370 |
598.737 |
576.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1149.919 |
1305.366 |
1081.210 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2762.009 |
2218.735 |
1880.070 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
131.000 |
109.000 |
|
|
|
Dividend |
0.000 |
544.814 |
544.810 |
|
|
|
Tax on Dividend |
0.000 |
86.278 |
88.730 |
|
|
BALANCE CARRIED
TO THE B/S |
3911.928 |
2762.009 |
2218.740 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
2609.150 |
|
|
|
Commission Earnings |
|
|
3.360 |
|
|
|
Other Earnings |
|
|
93.270 |
|
|
TOTAL EARNINGS |
4113.227 |
4778.904 |
2705.780 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1923.151 |
2623.785 |
1600.020 |
|
|
|
Stores & Spares |
289.030 |
210.035 |
196.120 |
|
|
|
Capital Goods |
159.538 |
227.098 |
48.580 |
|
|
TOTAL IMPORTS |
2371.719 |
3060.918 |
1844.720 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
63.32 |
71.88 |
59.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.65
|
10.92
|
12.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.05
|
16.50
|
19.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.08
|
20.83
|
25.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.39
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.49
|
1.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90085669 |
15/03/1993 * |
10,000,000.00 |
BANK OF INDIA |
70/80 M G ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
The Company is engaged in the manufacture and sale of industrial equipment and process Solutions. The Company sells high speed Separators, heat exchangers and flow equipment amongst other products, besides offering process Solutions to various industries.
During the year, pursuant to an offer by Parent Company (Alfa Laval AB, Sweden), the Company underwent Reverse Book Building (RBB) process for delisting. Post to the success of RBB process, the shares of the Company have been delisted from Bombay Stock Exchange (BSE) on April 19 2012 and from National Stock Exchange (NSE).
OPERATIONS AND FINANCIAL RESULTS
The order intake during the year at Rs. 11273.680 Millions was marginally higher as compared to the previous year's order booking of Rs.11126.590 Millions mainly on account of the economic slowdown. Consequently, the sales revenues at Rs.10511.800 Millions for the year were lower by about 10%. With the other income of the Company at Rs.289.180 Millions, total income for the year was at Rs.10800.980 Millions (2011 :Rs.11950.740 Millions). In the light of the sales revenues falling short, the overall profitability was affected though the expenditure was kept under a tight leash.
PROSPECTS
Notwithstanding the uncertainty over policy reforms and economic recovery across the globe, the Company, in such testing times, looks forward to a year similar to the year barring unforeseen contingencies.
The Company will continue to invest in expansion of its capacities and for enhancing the effectiveness of its factories for which a sizeable capital expenditure is proposed for the current year mainly for enhancing the manufacturing efficiency besides development of infrastructure to achieve optimum productivity.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
|
(a) Guarantees outstanding |
204.427 |
338.567 |
|
(b) Claims against the Company not acknowledged as debts * |
320.990 |
311.966 |
|
(c) Advance License - Liability if export obligations are not fulfilled in future years.** |
0.000 |
0.937 |
Note:
* The Claims against the Company comprises of:
a. In respect of Assessment Year 2008-09, the Income Tax department has passed an assessment order under section 143(3) of the Income Tax Act, 1961 ('the Act'), demanding adjustment on account of transfer pricing and other matters under various section of the Act The tax amount involved is Rs. 124.938 millions (excluding interest), (previous year Rs. 135.050 millions). The Company has filed an appeal with the Appellate authorities against the Said order. Subsequent to the year end ,the Company had received a transfer pricing order for Assessment Year 2009-10 proposing an adjustments of Rs. 22.366 millions (being calculated tax impact, excluding interest).
b. Rs. 2.360 millions (excluding interest thereon, if any) (previous year Rs. 2.360 millions) in respect of Claims raised against the Company by the customers which are presently pending with various courts.
c. Cases for labour matters amounting to Rs. 4.566 millions (excluding interest thereon, if any) (previous year Rs. 4.566 millions) in respect of Claims raised against the Company which are pending before the honorable High Courts.
d. The Tribunal of Commercial Taxes, Bihar has commenced an action against the Company towards a demand of sales tax of Rs. 11.614 millions (excluding interest thereon, if any) (previous year Rs. 11.614 millions) on inter State sales for the period 1992-93 to 1998-99.
e. The Commercial Tax officer, Pune had commenced an action against the Company towards a demand of recovery sales tax: of Rs. 155.146 millions (excluding interest thereon, if any) (net of provisions) (previous year Rs. 158.375 millions) on various matters for the period 2003-04, 2005-06 and 2006-07.
** Differential amount of custom duty payable by. the Company in case of non-fulfillment of export Obligation against the import of capital goods made at concessional rate of duty. The Company has utilized its advance licenses and accordingly, the contingent liability as at year end is Nil.
FIXED ASSETS
·
Tangible
Assets
· Land
· Buildings
· Office building
· Plant and Equipment
· Factory equipments
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Other Equipments
·
Intangible
Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.99.90 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
73 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.